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-run, healthy economy. that does have some effect on monetary policy. one of the most powerful tools we have is bringing down mortgage rates and stimulating home buying, construction, and related industries. so that is an issue we take into account. i would say one thing, which is that as the housing industry has strengthened and home prices have gone up, that has actually brought some people into the credit box, in the sense that the number of people, for example, who are underwater on their mortgages, is declining, as house prices go up. so as people have bigger down payments, bigger equity in their homes, they become more creditworthy. so to some extent, not -- i don't want to overstate it, but to some extent, monetary policy, by strengthening the housing market, helping support house prices, is bringing more people into the mortgage market. >> fox business. the stock market has been hitting all-time highs. it's recovered all of its losses from the financial crisis. i just want to know from you if i still have time to get in. but, seriously, how do you feel about that? is it good? is it b
blockbuster retail sales. this economy is stronger than you think. that may be a triumph. president obama says there's no immediate debt crisis. he thinks we're clear for the next ten years. sir, are you sure? we'll have the details four on that debate and doesn't forget free market capitalism is always the best path to ross peter. later in the show we'll show you a violation of it that blows my mind. i'm kudlow. we'll be right back. revolutionizing an industry can be a tough act to follow, but at xerox we've embraced a new role. working behind the scenes to provide companies with services... like helping hr departments manage benefits and pensions for over 11 million employees. reducing document costs by up to 30%... and processing $421 billion dollars in accounts payables each year. helping thousands of companies simplify how work gets done. how's that for an encore? with xerox, you're ready for real business. see lioutdoors, or in.ight. transitions® lenses automatically filter just the right amount of light. so you see everything the way it's meant to be seen. maybe even a little bett
. treasury secretary said he doesn't think the markets are in a bubble right now and that the economy is recovering. >> we still have a lot of work to do. there doesn't seem to be any push to create a crisis over the debt limit or shutting down the government. i think that's helpful. we've had economic data come out for quite a while now showing we have a resilient economy growing. >> retail sales were growing. they came in better than expected for the month of february rising 1.1%, the best number since september. analysts were worried about the impact of gasoline prices and increase in the payroll tax for us but consumers still spending money. important that makes up about 70% of america's economic growth. if you're looking for something new to buy samsung will be happy to oblige vowing galaxy 4, 5 inch screen, larger battery and a screen you don't have to touch but hover your fingers over. it's the main competition. >>> with markets setting new records every day and federal reserve meeting next week, what could happen next and what should you do with your money. randy kroszner, the
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the negativity out there i believe optimism is in the air. the stock market record highs, the economy is picking up, president obama in a charm offensive because his polls are way down. in fact he's now talking corporate tax reform. even pushing democrats on entitlement reform or so he says. now i know, i know, my favorite president reagan trust by verify, but i think there's some optimism out there and i'm going to do my best now to persuade my pal, conservative superstar ann coulter. she's the author on set for the full hour. jimmy williams. and michelle caruso-cabrera. ann coulter, i know you think i'm nuts but i'm telling you the stock market is a great signal. the republicans won on the sequester. obama's poll are down so now he's having to come to the negotiation table. i like this story. i want to be optimistic about this story. >> um, i want to be optimistic too. but i want to be realist jig. all,000 are the financial maven and i would normally defer to you, that's the only thing i'm pessimistic about. i think the economy -- i would not count on the stock market continuing to go up. i kn
company with extraordinarily small economy. the fact it would precipitate a run with the greek banks or italian banks and bring down the entire system in europe, fumbling along, kicking the can down the road is really pretty fried and we know from experience these events, whether in the balkins with the shooting of an arch duke or whether in cyprus with the shooting of a banking system can lead to fairly significant consequences for the entire european continent and us. >> so far, the worst-case scenario hasn't happened yet. so far. that's good. let me ask you, steve forbes. do you believe that the united states can make itself immune? are we strong enough economically, and financially, to withstand the kind of worst-case scenario that senator gregg discussed? >> the answer is no. we should have learned that from 2008 when these dominos start to topple. it hits everybody. and this is what is so inexplicable. why did the germans draw the line on this, for sheer domestic political reasons. they don't want to be bailing out russian oil gargs. they have an election this year. they have k
part of the economy that's being left at a tivitate now, and where's the exit strategy? >> and i think revenue could be an issue. oracle is out with its third quarter. revenue came at 8.6 billion versus 9.3 billion, an estimate. jon fortt has all the numbers right now. >> let's drill down to some numbers, maria. exactly where oracle missed, because this is a miss. on new license and cloud revenue, the street was looking for 2.57 billion. they came in at $2.3. on hardware product revenue, the street wanted somewhere around $800 million in research. they came in at $671 million. that's well below their guided range on that. and on non-gap operating margin, they came in at 47%, which is right about where the street was looking. they don't give guidance until the call, but this is really important, because they're guiding into their biggest quarter, their fiscal q4. also, larry ellison has said the hardware business was going to have a transition quarter in q3. we should expect to start seeing it growing in q4, given this hardware number, it's going to be especially important for them to b
to give the state all of our resources which would be at least 3 billion euros to help the economy. maybe a little bit of help from heaven. back over to you. >> the archbishop, this is something people should go look up this piece of the story. this is a fascinating piece. he's seen as this spiritual leader there who has been quite vocal. he's been out there talking saying let's get out of the euro and go back to the pound. do we have carolyn? can i briefly ask what it's like on the ground there? we understand that it may be several more days, not just thursday, before people can access their money in cyprus. >> absolutely. initially we know that banks were going to be closed up until tomorrow but at this point there's a lot of speculation that banks will be closed up until tuesday because monday is another bank holiday and at this point it's very, very uncertain that we'll get a viable plan b to get the bailout deal in place at this point it doesn't look like we'll get it by tomorrow. at this point we are expecting that banks are going to be closed for a little bit longer. of course that
in the economy. >> well, that is right. we are doing a lot of healing. housing market is finally showing signs of turning around. we have had increases in home prices nationwide, and home construction and home sales are up, and we show in the report that we have worked off a lot of the excess nationwide from the bubble years. the excess construction that took place. we are starting from the low base, but it look like housing will now be a tailwind instead of a headwind and we added 48,000 construction jobs last month which is a positive development going forward. >> i know that the president feels this way certainly that more work needs to the be done on jobs, but do you feel that the moves that have been made in job growth are significant enough to satisfy main street, because if you look at the latest abc news poll, it shows a disconnect once again between the p president's progress on the economy and the way that main street feels about his progress on the economy. >> well, the president certainly is not satisfied. you know, he came to office, and we were losing over 800,000 jobs a month. t
to share with you some views of the economy from our 54 respo respondents. firming housing prices are a game changer. there is something much more self-feeding about recovery this year. could be a turning point. the objepposite from john rober. we believe a recession/economic slowdown is a possibility in the latter half of 2014 or early in 2015. some of the excesses that could cause a recession are beginning to build in the economy. another piece of data, the biggest problems facing our economy, taxes/regulation, 29%. i would say that's a victory given that europe is not in there for fear of recession is not in there. too much deficit reduction, 16%. slow job growth, 12%. too little deficit reduction, 10%. guys, these are more normal problems, i would say, than we've had in the past. the european financial crisis, u.s. financial crisis. sue, i would take a victory, yes, there are problems out there. >> i totally agree with you. it's the first time in a long time we haven't seen europe on a list like that. >> thank you, steve. >> absolutely. thanks, steve. >> sure. >> the markets h
idea. i mean, if you look at cyprus' economy, there are two major factors to that economy. tourism and financial services. you could kill the financial services immediately right there. so it's two underpinnings. almost like when greece was doing smo of the same things. >> but you say it matters because it could spread elsewhere? >> just the thought that somebody thought this was a good idea is scary enough to me, i would think. but it's going to be one of those things. we'll have to watch and see how it folds out. but i've got a feeling it will have to turn itself around fairly quickly. >> michael, what do you think? have you changed any of your behavior in terms of allocating capital, as a result of what we've seen in the last 48 hours? >> no, not really, maria. i still think that cyprus is certainly something to watch. but i think it's just part of the negotiation process, exactly what's happening in greece. we have to watch and see if it accelerates and this idea sweeps around europe, but i doubt that's going to happen. i actually think that europe is starting to present some o
think it depends on how fast the economy is moving. if the fed is able to engineer the customonsumer taking over, they can back up. i don't think it affects the market. if the economy is not moving at 3% or faster, then it will back up. >> rick santelli, the economy not moving at 3% or faster is what michael crofton is talking about. when do you expect that kind of growth? >> you know, i think growth is going to remain well under 3%, 2.5% to 3% for a while. and i think any type of calibration change between the interest rate complex, whether it's through the market forces or it's through the federal reserve, any type of recalibration is not going to be received well by equities. no matter if you think 10 to 50% of what's going on in equities is the real deal with a better economy, and you believe the balance is the fed, no matter what it is, it's been pedaled to the medal. and once the recalibration hits, i don't care when it hits, it's not going to be pretty. so, therefore, i don't predict that the fed is going to do it voluntary. and i think in europe, there could be an arch duke f
and the new fed forecast for the economy. and the stocks we're focused on this morning, blackberry getting an upgrade at morgan stanley and a note titled why it won't go down and it gets into the best buy bull camp, and calling it the best near-term idea in the sector. let's get straight to fedex. the package delivery company says it earned $1.23 a share in the fiscal third quarter and below wall street forecasts. fedex says the customers were choosing slower transit services. this does happen, of course, after a massive run in the transports. >> one of the things that amazes me about fedex is they keep missing and they get loved a few days later. missed and gets loved. it's still regarded as being a profit machine. they have this restructuring that people like very much. people feel it's only a matter of time before someone steps up to the more expensive freight. to me, my charitable trust owns ups. ups has the expectations lower. scott davis always says negative things. >> melissa hit the nail on the head. the stock had a big run and the two guys were going head to head over what was in
here. you've got the good economy. tremendous housing numbers, miraculous retail sales, terrific oil and gas markets. you have the bad economy. weakening commodity prices. slow commercial real estate business. really bad world commerce outlook. real soft information technology sales. you mix them all up together and you get the absolute perfect environment for the fed reserve to stay stock market friendly. that's what happened today. ben bernanke allowed the averages to power higher. the s&p rising today, nasdaq jumping 7.8%. it's not sleight of hand or alchemy at work here, despite what critics say when they constantly slam the fed. >> boo! >> bernanke is not playing a game of move the stock market higher by simply continuing to keep the competition in bonds incredibly weak. he's got a real good reason for doing what he's doing which is staying the course, keeping rates low. that reason? 1937. see, ben bernanke is a rigorous guy. he's a professor. and a genuine scholar of american financial history. it's what he does best. he knows that 1937 after three years of 12% economic growth
a little bit. >> that's a good point. for a long time the bears have been insisting that the global economy is not as healthy as this teflon stock market in the united states would indicate, and now they've got some ammunition. two companies from fed ex and from caterpillar. now, caterpillar had dismal three-month sales numbers. really shocked a lot of people. fed ex, of course, had disappointing earnings situation, lower than expected international volume. now people are saying, see, we told you. here are who big companies who are saying it's not as big as everybody said. deere got a downgrade from wells fargo. i'll talk more about that in the 2:00. a little bit of good news on housing. keeps rolling along. lenore, 34% increase in building. >> we'll see you back in a few minutes. ty, we'll send it back up to you. >> thank you very much. bob just gave you a very clear shot at the market picture, so what's driving it? well, obviously three developing stories and we're going to cue you in on all of them right now. the fed, steve liesman is in washington. russia's financial overtures toward cy
chosen a woman to be head of the national bank. she served as economy minister from 2008 to 2009 and the first female central banker for a g-8 country. she'll take over from an inflation fighter. it should happen in june. the appointment raised questions about the central bank's independence and concerns kremlin will push for looser policy. we want to know what you think of the measure. is it a significant one for females, for the g-8 or for russia's monetary policy. send us your thoughts here. if you are just joining us, these are your headlines. italy prepares to test bond markets with its first long-term auction since a rating downgrade from fitch. spanish retail giant sees shares dip despite reporting solid profits and senate democrats tee up to reveal their own budget plan. straight ahead on the program, can the dow close at a high for a record ninth day? we'll preview the u.s. trading session when we come back. stay here. today is gonna be an important day for us. you ready? we wanna be our brother's keeper. what's number two we wanna do? bring it up to 90 decatherms. how b
different and so much better in the economy then. the economy, i remember it well. jobs were plentiful, easy to get. we had people hiring in everything from technology to finance, manufacturing, housing, retail was smoking. 1996 we were at the cusp of the technological revolution where the internet was just beginning to take hold of the consciousness of entrepreneurs. i was running my hedge fund back then and at the same time starting which remains an important focus for me now. i started the street because i envisioned a world where your personal computer married to a phone line could get instant information about stocks that you cared about. not just the ones that the day-old newspapers cared or even the television. the era where people would be able to buy or sell a stock with a key stroke using a personal computer with very low commission rates was just getting under way. what a remarkable time that was. the last time we were up so many days, okay? for the dow, that time. when you had a brand new pentium powered pc with microsoft windows and netscape browser and an america
's face it. cyprus is a small economy. the smallest thread can unravel the entire tapestry of the euro zone. the size of cyprus is not the point here. the point is the principle, precedent and risk of contagion spiralling out of control. >> that's how we see it here. thank you, charles dallara. now it's time to ask the money question. will cyprus and the eu woes kill our economic optimism? we'll debate that next up. the real loser could be crooked russian billionaires whose money-laundering operations in cyprus run the country. that's why vladimir putin is so angry about this bank tax. feel like capitalism may be the best bet to prosperity, but there is not one ounce of free market capitalism in this cyprus story. i'm larry kudlow. we'll be right back. [ female announcer ] what if the next big thing, isn't a thing at all? it's lots of things. all waking up. connecting to the global phenomenon we call the internet of everything. ♪ it's going to be amazing. and exciting. and maybe, most remarkably, not that far away. we're going to wake the world up. and watch, with eyes wide, as it ge
times the size of its economy without having some kind of bail structure in a solution, it becomes very difficult. and i think that understanding is quite clear among investors. so from a longer term perspective, i think there's a positive element here which is a more substantial bailin in this solution. >> valentin, what kind of exposure do you have in europe at this point and what changes have you made in regard to how the cypriot levy is handled? >> it is creating a bit of uncertainty. clearly, it comes from lingering uncertainty over the political situation in italy. so all in all, it makes the bit more cautious on europe. not so much on our overall willingness to take risks. we're still overweight global real estate, but we have still put down our exposure in europe, so we are now under weight european equities. we are cautious on peripheral bull markets and european fixed income space. so that is the main changes. still on the regional allocation that we have, but not so much altering our overall willingness to look for risk. i think in general, the broadening of the global cycle
's an means to the end. we want to revival upper mobility and growth in this economy. >> senate democrats are going to release their own spending plan after calling the republican proposal unacceptable. it will call for about $1 trillion in new revenues by closing tax loopholes and about 1 trillion in spending cuts at the same time but no structural changes to medicare and the question is will that get -- do either of these plans get anybody anywhere or is everyone talking to themselves? >> they're talking to themselves. we discussed it yesterday. in the last negotiations you still have the fact there are republicans who think that the republicans gave too much and then there are democrats who think that the democrats didn't get enough. so you have those clashing interests. >> i think what happened in january kind of derailed everything because by having these incremental advances instead of a grand bargain throws off the possibility that you do get the grand bargain. you see both sides digging in making sure they respond to their base saying the types of things that their base wants to h
insolvent. the banks in cyprus are huge, eight times the size of the economy. consider that here in the united states. our banking system is roughly one-time the size of our economy. what we're waiting to see next are they going to get this through parliament and get it done? it is so controversial they're trying to find out different ways to make it less controversial. impose the tax on larger shareholders to a much greater degree. it was originally 9.9% and you go to 12%. if you didn't want to tax the small guys at all you'd have to go to 15% or 16%. this is the scene when the president walked into the palace headquarters. there were people there with no written on their hand and this says merkel stole our money. keep in mind, european union will still give them 10 billion euros and they were trying to come up to reduce the original size from 17 billion euros. the other thing to keep in mind, by taxing depositors they're taxing a lot of foreigners and a lot of russians who had kept their money. the thing is will the rest of europe, will small depositors across the rest of europ
stock market and rising investment returns in the economy. but it's not all good news out there. detroit, take a look at the new man in charge of your money. governor rick snyder naming kevin orr as emergency manager for the financially distressed city. i think bankruptcy and busted union contracts are the only answers, i will speak to the kwov nor and mr. orr about their chances and president obama, very interesting things to tell republican senators this afternoon. he says he's for corporate tax reform and willing to push fellow democrats on entitlements. is the charm offensive starting to pay off? "the kudlow report" begins right now. first up tonight, a nice 83-point move higher for the dow, makes it ten straight days of gains. we have details of another day of record highs, good evening, ka kayla. >> reporter: jobless claims fell unexpectedly and gave traders more confidence in growth. the dow sitting above 14,500. up 83 points to 14,539. this month the dow has been up nearly every single day. the s & p within four points. all time record closing here. 1,563. on rising rates on trea
home building numbers today too. >> that too. we're in a niche market. the u.s. has had their economy outperform other economies and i think it's a flight to safety relative to the u.s. markets on one hand and it's an unwind from the bond market and risk exposure going forward to rate changes on the other hand. so it's both a flight to safety as well as, you know, what's really going on domestically and people are looking at a twist now with the fed and what their posture will be heading forward. >> i'll be back, adobe earnings at the top of the hour. >> take care, maria. >> what do you think? we're finishing positive here. this market doesn't want to go up? you think some of that's short covering? >> i think that's what we're see right now. finishing up the day. right now people will have to play it cautiously. we haven't seen the end of the cyprus thing. we have some negotiating going on from russia. the impact of that, as you mentioned, is a little minor relative to the size and scope of them, but it's whether or not that moves into italy, spain, as we've all been talking about. >>
. >>> a shocking shocker. much better than retails report has some saying it's a game changer for the economy. we want to know what it means to the rally and your money. with us trading for the next hour are stephanie link, josh brown, pete, and john. john, what's your read? what does it mean to the market? >> this retail sales number, judge, was spectacular. highest in six month, supposed to be hit by gasoline prices, and instead, we get numbers that are twice as good as anybody expected. now, except for bars and consumer electronics basically, and i'd say that, judge, is because the super bowl has that draw where it pulls all that interest and business into the super bowl week, and then it bleeds out the rest of the month. i think that's the main reason that we didn't get positive numbers there, or perhaps buffalo wild wings and some of the places people went to watch them. but these numbers were spectacular. i thought they were extremely telling about where we're likely to go next. >> pete, i want to know what it means for the rally. it was a much better than expected number. surprised an awfu
the day. from the economy to earnings now. we get a number of interesting quarterly reports due today as well. before the bell, we'll hear from fedex, general mills and lennar and this afternoon we have oracle. a lot to chew on for the markets. s&p by the way coming off its first three-day decline of 2013. take a look at u.s. equity futures at this hour. green arrows across the board. and then of course there's cyprus. the country's leaders are holding crisis talks today trying it avert a financial meltdown. the parliament rejected an unprecedented tax on bank deposits. that was a key part of the eu bailout terms. the finance minister is in moscow today with mounting speculation that russia could step in with a safety plan to safeguard russian deposits in cyprus. steve sedgwick is in moscow where he caught up with the finance minister there an hour or so ago. steve? >> they turned to russians once again. there's a loan on the table from russians dating back from 2011 so it's not the exception to it the rule for the cypriots to turn to the russians. the russians themselves are indignan
reserves lately. they did lower their inflation rate, express concern about the economy. i was surprised that the market is buying euro/swiss on this. we feel that euro/swiss is going to head out, that they are very concerned. the actual statement didn't break any new grounds, but i guess the vigor with which they reiterated their desire to defend the floor influenced some people in the market. >> don't they just love a central bank to come -- i know the message has been here. in some points, the swiss bank is benefiting more from the fact that people seem more willing to take a risk with the euro as opposed to chooting to fight it on the floor at this point. >> i think so. it's interesting with respect to the italian election that even though this considerable uncertainty doesn't seem to be showing up in terms of the sorts of tail risk factors that were taking the euro down last year. so i think that the snb is benefiting from that. they do have a lot of credibility and they indicate that they will use opportunities to push euro/swiss up. and i think that the market is mindful of that,
. they're the one place left in our economy where you can find some bargains. >> margi, weigh in on the risk in trade. it went through a lot of volatility last year. this year seems to solidly be risk on. but the question is, at what point does that dynamic change? >> well, i think you're starting to see, lately, some of the large, more conservative names take the leadership. and that says to me, maybe the market's running out of a little bit of gas here. we need a new change in the market to draw in some of these cash reserves to take the market to a higher level. but still, in all, i think it's going to be a very good year nor the risktaker this year. i think stocks will be the top-performing asset class. but we certainly need some more money to come in, to break out of a -- into a new level from these prices here. >> and bernie williams, those retail sales numbers were encouraging this morning, weren't they? >> yeah, they were. and they're just another reason to provide some uplift to this market. that combined with the unemployment numbers. you do have a little bit of a he
is the third largest island in the region, but it is minuscule, a minuscule economy. about two tenths of a percent of the total euro zone gdp. less than that of vermont. today, we learned the cyprus parliament rejected the plan for depositors to pay for the bailout plan, an idea floated on monday. this has created a new worry for the global markets. even though there is a backstop and here in the u.s., the federal reserve has expanded the balance sheet past $3 trillion to backstop the financial system, so why the worry? one reason is that record setting ways of the dow jones industrial average this year. that has created a bit of a perception of vulnerability. investors are looking for reasons to sell after a 10% move in 2013. another reason, cyprus has developed a reputation as with being a hot spot for international depositors. half are set to be nonresidents of cyprus. unless you have the misfortune of having an at account in a cyprus bank, you may not care. but the big issue is whether such a plan could gain traction in other locals. if that is the perception, will it pose a run o
that i actually like the economy here and have liked it ever since the fiscal cliff was resolved. sure we got some hiccups. mastercard saying they have degradation. we recognize that china has got its head handed to it of late and the united kingdom is now joining italy, france, greece, spain, and taking another step down. geez, it's ugly out there. >> the house of pain! >> i can scream every time someone asks about when the fed is going to take the punch bowl away. i wish that analogy had never been coined. but i have to now doubt -- i've got to doubt, there's no doubt, there's no doubt that there will be a tough moment for this market when ben bernanke changes his stance, even if the economy is humming. i just don't know what level that top will come from. maybe it comes from dow, i don't know, like 16,000, or what the rest of the employment picture will look like. because we do know the federal government is pulling back from job creation fast and furious. oh, by the way, i don't like that north korea just undid the hard fought armistice with south korea or that the new leader wants to
of the economy that are not that strong and i don't know what the sequester will bring in the month of april. >> look, the data say things are better, and i think the fed will be under a lot of pressure because interest rates are headed higher. >> at some point the fed will have to acknowledge that -- and they have -- to your point, they changed the language a little bit. it's a moderate recovery and it's a strengthening recovery. words like that. >> right. >> at some point they're going to have to acknowledge what we all seem to know which is -- they're not great, but things are getting better. now will inflation pick up and that, of course, is the fed's number one mandate. will inflation pick up until we see jobs pick up because wage inflation comes with excess demand from workers. i don't know. that's the big trillion dollar question mark. >> commodity inflation whether it be corn or copper and the strong dollar will contain inflation that's going up a great deal. housing is stabilizing and not really in the numbers. i want to take issue with some of what you said. i think we all think th
in a big way, whether it is a game changer and what that means for the market and the economy and everything else. i know we'll be talking about it it at noon. >> we're going to get our last word. they can talk about it for just one second and not that long because we've only got a minute and we'll talk to henry blodget and curtis artledge. you asked a question about jc penn penney. maybe they can raise more cash, but they're running out of cash at this point. they don't have that much left. >> you have a final thought on either jc penney or more importantly, the markets? >> i think today's entire discussion has been about the early stages of confidence building and we get past these two gigantic minefields of fiscal cliff and sequester. we start to see m & a pickup and retail sales and they're willing to spend money because they're more scared about their job. we see capital expenditures and people starting to plan for them and sentiment, actually, when we talk about it i don't think there's that much complacency. people are still nervous. >> scott, it was great having you he
. that's good for 125th in the world. per sapt a gdp, $26,900. 71% of the economy service based. tourism big there. 20% is industry. 8.5% agriculture, mostly olives and citrus. in a nut shell, finance ministers are going to hold a conference call this evening to discuss a proposed bailout for the cypriot banks. the plan started this weekend included taking money from regular bank deposit, large and small, 6.75% to almost 10% if you've got more than 100,000 euros in an account over there. why are those banks in cyprus in trouble? they were heavily exposed to greek debt and we all know what happened there with the greek debt, both public and private. then the cypriot banks were national as ied to prevent an need colorado lapse. european regs, that's where the rest of europe comes in. instead of sending a bailout like it did in spain and greece, germany wants to raise money from actual people with deposits in those banks. here's how goldman sachs' paul o'neill summed it up on "squawk" this morning. >> i got off a plane from singapore saturday morning and i thought my jet lag was up but i wa
properly for the economy. he also said there is a lot of evidence that jpmorgan may be too big to manage. whether or not markets were manipulated or executives actually lied to the public, levin and his staff wouldn't opine, but they did leave the door open to further government litigation or investigation based on arguments they have uncovered in the case of this probe. of course, in an all-day hearing tomorrow, we'll be getting some testimony for the first time from ina drew who ran the office that handled these trades, as well as doug bronstein who the senate subcommittee accuses of misleading. jpmorgan issued its own report in february highlighting some of the very same missteps, and ina drew and others involved in them have left the bank. but the bank in a statement is defending its handling of the situation, saying while we've repeatedly acknowledged our mistakes, our senior management acted in good faith and never had intent to mislead anyone. i'll be bringing to it you live from capitol hill. >> all right. thank you very much for that. kate kelly. meantime we where watching jpmor
they say that the economy getting better than it was when they last met. maybe they say we're not going anywhere. we're not leaving this party. the punch bowl stain don't worry, all is good. if that happens today, what happens to the market? >> we'll go higher. we talk about the financials and we'll have a debate later on with my brother and myself, i'll be the winner once again. but the housing is telling us a story and that trickles down to everything in the financial world. i would like to emphasize this. we have been talking about the financials for a long time. the big money center banks and then you get to the insurance level, and the asset managers is where we continue to see upside activity, but not short term. in the other areas of the financials because of the lack of clarity and because of europe and sequester, all the things we have talked about for the last three months they're all in the short term. you look at the big asset managers, black stone, all the names, fortress, we are seeing activity going out to january of 2014 and '15. they think this is a bull market going hi
the economy is getting better, not great, but slightly better. housing will continue to improve. martin luther may or may not be unveiling a new line of papal colors. and go on to see me race our producer on lawn tractors. he wins. he's got the weight advantage. >> thanks for watching "street signs" everybody. "closing bell" is next. >>> well, we'll see history made today, one way or the other, whether it's in rome or here in new york city. i'm bill griffeth. welcome to "closing bell." we're here at the new york stock exchange, where it looks like another photo finish if history is to be made in the stock market. we know history's about to be made there in vatican city. right now the dow's up 4.5 points. >> history being made on several fronts. i'm sue herrera. maria bartiromo will be right back tomorrow. and at any moment, we'll find who the new pope is. less than an hour ago, that white smoke billowed high above st. peter's square, signaling the cardinals had chosen the new pontiff. we'll keep these dramatic pictures for you throughout the hour, until we see the new pope, lea
. he has an economic ph.d. as he inherits a slower growing economy, he'll face pressure to tackle china's widening wealth gap. eunice yoon joins us now with more. there were 2940 yes votes, six who abstained and three who voted no. >> yeah. an overwhelming majority of the people decided to vote him in. but at the same time, most people had expected that he would have the support of the vast majority of the people. he is really seen as a capable steward of the economy, which is really important because the premier shift is the most important job of the premier is really to manage the economy. he's been credited with helping to really navigate china through a very difficult time through the financial crisis. and also to push through much needed reforms. a lot of people think that he is going to go down with his well with his counterparts overseas. he speaks good english. he's been described as being very informed. but he does have his critics. there are people here who have said that he's too passive, he's indecisive and he hasn't been total lly forgiven for a role h played regarding heal
production and find out how much capacity to utilize in march. speaking of the markets and the economy, our own steve liesman caught up with new treasury secretary jack lew yet. among the topics discussed, whether there is a reason to worry about a bubble right now. >> the analysis i've seen doesn't give me reason to be worried right now. i think one of the lessons we learned from 2008, 2009 is that even when things are not a problem, we always have to ask those questions. we need to make sure that our -- we have the transparency to see what's going on in firms, in markets. we need to have the regulatory tools to deal with problems as they develop. >> and we're going to talk more about the markets and questions about a potential bubble later on this morning. we've got a great guest lineup today, guys. named money manager bill miller of legg mason and former fed chairman alan greenspan. we're going to find out if he sees any similarities between today's environment and the situation back in 1996. the last time we had this kind of run when he gave his now famous irrational exuberance speech.
industrials and transports are at all-time highs, that means the economy's doing well. and the technical signals suggest the market goes higher. we have had that confirmation of the dow industrials and the dow transports at all time highs for much of 2013. but what happened today? when we saw the earnings of a major transport company, fedex, the company mixed earnings expectations badly sending the stock lower on the session. fred smith blamed ongoing weakness in international air freight markets. pressure on yields due to overcapacity on those markets and customers, frankly, selecting less expensive slower transit services. smith went on to announce a cut in capacity in asia and a ramp-up in cost cutting efforts at fedex and therein lies the most important issue to watch in the months ahead. did fedex miss earnings expectations because customers are choosing to use competitors? or did they miss because the international economy is worse than believed? between the ongoing debt crisis to the headlines in asia to the poor performance of key commodities like copper and the shipping index, t
can be the linchpin in our economy over here. it's ridiculous. >> right. it should be a smaller problem. they could take care of this in other ways. they could print money or -- >> i'm not going to pick a state here. it would probably be a southern state, but a poor southern state cannot take the down the united states. >> a western state because they're not awake yet. but here we are. out of the 22 -- cyprus? >> you thought greece was small, cyprus is -- >> come on, cypriots? i remember some conflicts. i thought it was a golf course, which would be a much bigger problem to me. >> let's introduce our guest host this morning, kenny dichter, co-founder of avian. why do i always mispronounce it? because you've been b drinking it. >> avione is airplane in french and spanish. >> can we get a full shot of this? he's now the chairman of juicepress. i have been drinking this stuff for the past week, virtually, five days. >> and you know what? your skin tone has never looked better. >> no food up until this saturday. you've been doing this now -- >> 22 days. >> i've made my cleanse zero
crude prices can tell us about the broader economy. stick around. ♪ ♪ no two people have the same financial goals. pnc works with you to understand yours and help plan for your retirement. visit a branch or call now for your personal retirement review. at a hertz expressrent kiosk, you can rent a car without a reservation... and without a line. now that's a fast car. it's just another way you'll be traveling at the speed of hertz. all stations come over to mithis is for real this time. step seven point two one two. verify and lock. command is locked. five seconds. three, two, one. standing by for capture. the most innovative software on the planet... dragon is captured. is connecting today's leading companies to places beyond it. siemens. answers. >>> good morning. welcome back to "squawk box" here on cnbc. i'm joe kernen along with becky quick and andrew ross sorkin. u.s. equity futures at this hour after giving back about 62, well off the lows yesterday. indicated that a bounce a little, but a time can happen between thou and 9:30 on the east coast. there's energy, you see crude
states. that has some calling it a game changer for the economy here. >> look, i think it you look at the under-- if you look at the underlying data, it's been pretty good for a while. the u.s. had a shallower recession, better recovery so far. and we forecast continuing widening of sort of gdp trends relative to the europe, u.k., or japan. the other industrialized countries. you know, income growth is good. wealth gains are there. capex is coming back. and actually even the current account's beginning to improve. i think the economy's going to continue to do pretty well. we think that it could be on an underlying path of 3% in the second half of this year. maybe 2014 as a whole. that should support u.s. asset markets. >> what about the dollar? i mean, the dollar seems to be on the strengthening trend. can the stock market and the u.s. dollar go up at the same time? >> yeah. this is the real change in a way. we've got very used to the 2008 sort of 2011 experience. when the risk is on, the dollar is weak. u.s. investors pouring money into yen. and when the markets are weak, the doll
on the economy and keep the market moving higher. >> and despite bitter economic news that's come out since we last heard from him in his testimony before congress, i just can't imagine he's going to say anything different than what he's been saying, because a month is not enough of a trend to change your thought. so i don't think he's going to add any more to the stimulus program. there's enough going there. but what we've seen in the last couple of days is some strategists come out and be bullish. adam parker, who's been a real bear, comes out and looks for 1,600 now. that's why the market is pausing, in addition to cyprus. you never know what the reason is going to be. i'm light in exposure now. but if the market does sell off, i'll add back, or it stabilizes. >> joe terra nova, bernanke has your back. a real buyer today of the stock market? >> am i a buyer of actual equities, yes. i am long. am i seeking protection send sunday night via of the derivatives market? and as we set here, i'm getting stop the protection. back to bernanke. i think what's important is when is it exactly the 85 bil
of this economy and i think we'll be pleasantly surprised when we get this housing starts number. of course, the fed bull from hell crowd will ratchet up their bets. that lightning will strike on wednesday if they see a strong number. and i think they will be, unfortunately, unpleasantly surprised when they see it because nobody in that crowd wants to see any good. i actually like things that are good. old fashioned. housing's so strong that it's lifting all boats including brunswick by the way and the housewares. so let's listen to william sonoma conference call on their earnings on tuesday to be sure the carryover's intact. now, i'm thinking this may be long in our ever expanding great index or maybe it's the greater gatsby index. i once bought a pot for like $200. it was a big, round cast iron, red thing and then i saw it at the jersey shore outlet for almost half the price. and i am still kicking myself. eighth anniversary, nothing's changed. now, we use a ton of gauges to measure things like retail sales and employment around here that are bottoms up, meaning we look at what individual
tightening the money market and the liquidities condition in the economy and where we flexed in the capital markets these days. >> great point. raymond yung joining us. thanks very much. a reminder again that what we're seeing in markets today isn't just about cyprus. it could potentially be that seasonal time of year once again where global sitters come to the fore. >>> straight ahead, find out why our next guest says the bank robbery is nothing more than legalized robbery. ery. ♪ (train horn) vo: wherever our trains go, the economy comes to life. norfolk southern. one line, infinite possibilities. there. i said it. they don't have pictures of my kids. they don't have my yoga mat. and still, i feel at home. could it be the flat screen tv? the not so mini fridge? ♪ the different free dinner almost every weeknight? or maybe, it's all of the above. and all the rest. am i home? nope. but it almost feels that way. homewood suites by hilton. be at home. >>> welcome back to "worldwide exchange." stocks falling around the globe with european banks deeply in the red as the cyprus bailout and co
here is people are buying u.s. based stocks because our economy is improving and getting better and they're selling some of the chinese and foreign names here because china is trying to put the brakes on growth a little bit. that's been down for the last couple of months here. our s&p 500 has been on the upside. it's not just then but emerging stocks in general. that bottom line is the green line. the emerging market index. the major one. there is the s&p 500. s&p is up 9%, emerging market index is down about 3%. people are starting to look more at the united states as the growth part of the world right now. >> exactly. and the data seems to be supporting that. thank you very much. >> in the meantime gold prices. >> close iing. >> it has been a choppy session. in large part by the movements of the dollar. the largest gold etf as well. has seem some reduction in its holdings. that is something that some analysts are saying is due to institutional investors pulling out metals across the board. >> thanks. back to chicago where rick is tracking the action at the cme. first, there is
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